Viridian Therapeutics Announces Pricing of Upsized Public Offering of Shares of Common Stock and Preferred Stock By Investing.com

WALTHAM, Mass.–(BUSINESS WIRE)– Viridian Therapeutics (Nasdaq: VRDN), a biotechnology company focused on discovering and developing potential best-in-class medicines for the treatment of serious and rare diseases, today announced the pricing of an underwritten public offering of shares of its common stock and, in lieu of common stock for certain investors, shares of non-voting Class B Convertible Preferred Stock. Viridian is selling an aggregate of 10,666,600 shares of common stock at a public offering price of $18.75 per share and 20,000 shares of non-voting Class B Convertible Preferred Stock at a public offering price of $1,250.06250 per share, which are convertible into 1,333,400 shares of common stock, subject to beneficial ownership conversion limits. In addition, Viridian has granted the underwriters a 30-day option to purchase an additional 1,800,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Viridian from the offering are expected to be approximately $225.0 million, before deducting underwriting discounts and commissions and estimated offering expenses to be paid by Viridian and assuming no exercise of the underwriters’ option to purchase additional shares.

All of the shares to be sold in the underwritten public offering are being offered by Viridian. The offering is expected to close on or about September 13, 2024, subject to customary closing conditions.

Viridian intends to use the proceeds from the proposed public offering of its common stock and Class B preferred stock, together with cash, cash equivalents and short-term investments, to further its clinical development programs, as well as for working capital and general corporate purposes.

Jefferies, Goldman Sachs & Co. LLC, Stifel and RBC Capital Markets are acting as joint bookrunners for this offering. Wedbush PacGrow is acting as co-manager for this offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) and became effective on September 9, 2022. A final prospectus supplement and accompanying base prospectus relating to the terms and description of the offering will be filed with the SEC. The securities described above have not been qualified under any state laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering will be made only by means of a prospectus, copies of which may be obtained on the SEC’s website at www.sec.govor by request to Jefferies LLC (Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022; phone: 877-821-7388; email: Prospectus_Department@Jefferies.com); Goldman Sachs & Co. LLC (Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email Prospectus-ny@ny.email.gs.com); or Stifel, Nicolaus & Company, Incorporated (Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com).

About Viridian Therapeutics, Inc.

Viridian is a biopharmaceutical company focused on engineering and developing best-in-class medicines for patients with serious and rare diseases. Viridian’s expertise in antibody discovery and protein engineering enables the development of breakthrough therapeutic candidates for previously validated drug targets in commercially established disease areas.

Viridian is developing multiple candidates in the clinic for the treatment of patients with thyroid ocular disease (TED). The company is conducting a pivotal program for veligrotug, including two global Phase 3 clinical trials (THRIVE and THRIVE-2), to evaluate its efficacy and safety in patients with active, chronic TED. Viridian is also developing VRDN-003 as a best-in-class subcutaneous therapy for the treatment of TED, including two ongoing global Phase 3 clinical trials, REVEAL-1 and REVEAL-2, to evaluate the efficacy and safety of VRDN-003 in patients with active, chronic TED.

In addition to its TED franchise, Viridian is developing a new class of neonatal Fc receptor (FcRn) inhibitors, including VRDN-006 and VRDN-008, which have potential for development in several autoimmune diseases.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of words such as, but not limited to, expect, believe, continue, could, estimate, anticipate, intend, may, might, plan, potential, forecast, plan, should, target, will, or could or other similar terms or expressions relating to the Company’s expectations, plans and intentions. Forward-looking statements include, but are not limited to, statements regarding the underwritten public offering; the Company’s expectations regarding the use of the net proceeds from the underwritten public offering; the Company’s belief that VRDN-003 may be a best-in-class subcutaneous therapy for the treatment of TED; and the potential for development of the Company’s novel portfolio of FcRn inhibitors in multiple autoimmune diseases. Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based on the Company’s current beliefs, expectations and assumptions. New risks and uncertainties may arise from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (express or implied) are made as to the accuracy of any such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties, including, but not limited to: the satisfaction of customary closing conditions in connection with the underwritten public offering; and other risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission, including those risks set forth under the heading “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the Securities and Exchange Commission on August 8, 2024, and other subsequent disclosure documents filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Neither the Company, its affiliates, its advisors or its representatives undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.

Source: Viridian Therapeutics, Inc.

You can view the original press release on businesswire.com: https://www.businesswire.com/news/home/20240911242094/en/

Contact for investors and media:
Louisa Stone, 617-272-4604
Investor Relations Manager
IR@viridiantherapeutics.com

Source: Viridian Therapeutics, Inc.